We have previously discussed the questions you must ask yourself before you launch your product and go live with it. Out of the twelve questions, I have told you about the first six, and here are the rest of them.
1) Is my product or service priced competitively?
The trick is to find the best price for your product. The price of a product determines how the customers perceive the product, and what they perceive the product is worth. If you under price your product, the customer might think that it is of low quality and wont buy it, and over pricing would limit the amount of customers that can afford the product. Try out different prices for your product and stick with the one that results in the most sales.
2) What are the possibilities for the growth and the "back-end" sales?
This basically means, indentifying whether you can sell the same customers the same product over and over again. It is possible for things like soft drinks; you can sell the same drink to the same customers over and over again, however with things like an office desk, you might want sell additional items along with the desk in the long run.
3) Is the product or service you're selling, safe?
Although most of us sell things with clean intentions and do not mean any harm to our customers, it is quite possible for your product to be unsafe without you even realizing it. An unsafe product can lead to you being sued. Hence you must check and then re-check for any possibilities of your product being unsafe.
4) Can advertising copy promote your product?
This part follows up from after the product launch. You need to recognize whether your product needs to have itself illustrated to the fullest before the customers would consider buying it, or whether ad copy would work for your product.
5) Are you going to have to manage inventory?
An immobile inventory can be costly. Your product may expire, get lost, break, get stolen etc. all this is going to cost you money and you need to realize what you can do with the standing inventory. Getting rid of excess stock is also a step that should be taken and in many cases a sale always helps.
6) Is your product or service good enough for yourself? Would you buy it? This is also a very important question. Since your selling your product and testifying for it, you need to ask yourself if you would buy your own product, this question would help you pin point any flaws you might be making.
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